Cutler Capital Management LLC Has $6.34 Million Position in Parke Bancorp, Inc. (NASDAQ:PKBK)

Cutler Capital Management LLC cut its stake in Parke Bancorp, Inc. (NASDAQ:PKBK) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 308,932 shares of the bank’s stock after selling 600 shares during the quarter. Parke Bancorp makes up 2.2% of Cutler Capital Management LLC’s portfolio, making the stock its 13th biggest holding. Cutler Capital Management LLC owned 2.60% of Parke Bancorp worth $6,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets grew its stake in Parke Bancorp by 56.3% in the third quarter. BNP Paribas Financial Markets now owns 3,427 shares of the bank’s stock valued at $72,000 after purchasing an additional 1,235 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Parke Bancorp by 15.6% in the fourth quarter. Wells Fargo & Company MN now owns 9,930 shares of the bank’s stock worth $204,000 after buying an additional 1,343 shares during the last quarter. Barclays PLC raised its position in Parke Bancorp by 306.7% during the third quarter. Barclays PLC now owns 13,575 shares of the bank’s stock valued at $284,000 after acquiring an additional 10,237 shares in the last quarter. Jane Street Group LLC raised its position in Parke Bancorp by 6.7% during the third quarter. Jane Street Group LLC now owns 14,037 shares of the bank’s stock valued at $293,000 after acquiring an additional 880 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Parke Bancorp by 5.2% in the fourth quarter. Rhumbline Advisers now owns 15,495 shares of the bank’s stock valued at $318,000 after acquiring an additional 767 shares during the last quarter. 49.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Parke Bancorp from a “buy” rating to a “hold” rating in a report on Friday, March 28th.

Parke Bancorp Price Performance

Shares of NASDAQ:PKBK opened at $17.70 on Wednesday. The stock has a market capitalization of $209.62 million, a P/E ratio of 7.80 and a beta of 0.56. The business has a 50-day moving average of $19.16 and a two-hundred day moving average of $20.57. Parke Bancorp, Inc. has a fifty-two week low of $15.24 and a fifty-two week high of $24.29. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.27 and a quick ratio of 1.27.

Parke Bancorp (NASDAQ:PKBK) last released its quarterly earnings results on Friday, January 24th. The bank reported $0.61 EPS for the quarter. Parke Bancorp had a net margin of 21.25% and a return on equity of 9.41%.

Parke Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Friday, April 4th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Friday, April 4th. Parke Bancorp’s dividend payout ratio is currently 31.72%.

Insider Activity

In related news, Director Jeffrey H. Kripitz sold 6,101 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $20.12, for a total transaction of $122,752.12. Following the completion of the sale, the director now owns 54,353 shares in the company, valued at $1,093,582.36. This represents a 10.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 7,160 shares of company stock valued at $143,947. 15.33% of the stock is owned by insiders.

About Parke Bancorp

Parke Bancorp, Inc operates as the bank holding company for Parke Bank that provides personal and business financial services to individuals and small to mid-sized businesses. The company offers various deposit products, including checking, savings, time, money market, and individual retirement accounts, as well as certificates of deposit.